CYPRUS AUDIT SERVICES

Audits for Cyprus and International Companies

Under the Cyprus Companies Law (Cap. 113), all companies incorporated in Cyprus must prepare financial statements in accordance with International Financial Reporting Standards (IFRS) and have them audited by a Cyprus-licensed statutory auditor or audit firm, in line with the International Standards on Auditing (ISAs).

The only exception applies to small private limited companies that qualify for the statutory exemption (see below). Even then, these companies must still prepare IFRS-compliant financial statements and, if not audited, undergo a review engagement performed by a licensed Cyprus auditor.

At Nikita & Partners, we combine the technical expertise of Big 4 audit firms with the agility and personal attention of a boutique practice. We deliver statutory audits, assurance reviews, and tailored services for both local companies and international groups with cross-border structures.

Audit in Cyprus: More Than Just Compliance

A Cyprus statutory audit is not just about compliance with the Registrar of Companies and the Tax Department. Properly audited accounts can:

• Identify areas for improvement
• Strengthen trust with banks, investors, and stakeholders
• Support growth and strategy while protecting business reputation
• Provide management with reliable financial data for decision-making

Statutory Audit vs. Review Engagement

Certain small private limited companies may replace a statutory audit with a review engagement if they meet both of the following criteria:

• Annual turnover less than €200,000
• Total assets less than €500,000

These thresholds must not be exceeded for two consecutive years, and the exemption applies to financial periods ending on or after 31 December 2022.

A review engagement, performed under ISRE 2400 (Revised), provides limited assurance mainly through inquiry and analytical procedures, rather than the detailed testing required in a full audit. Just like audits, review engagements can only be performed by a licensed statutory auditor or statutory audit firm in Cyprus. Filing obligations with the Registrar of Companies and the Tax Department remain unchanged.

Our Audit Approach & Methodology

While every engagement is performed under ISAs, our true value lies in how we apply them.

We bring deep experience across industries such as real estate, shipping, technology, investment funds, and consumer businesses. That background means we can anticipate complex accounting issues, apply the correct IFRS treatments, and resolve questions quickly.

Every audit is partner-led, ensuring continuity and clarity from start to finish. We identify key risks early, apply the right solutions, and communicate clearly so issues are resolved quickly. This approach keeps your audit efficient, practical, and always delivered on time.

Who Do We Audit? Cyprus & International Companies

Our core work covers statutory audits and reviews for Cyprus-incorporated companies, but we also provide audits for BVI entities and companies in other jurisdictions that require assurance on their standalone or consolidated financial statements.

This is particularly valuable for groups with cross-border structures, where our team works closely with group auditors, regulators, and investors to ensure reporting is consistent, compliant, and delivered on time.

Typical Audit Timeline & Fees

Every business has its own reporting cycle, and we recognise how critical timing is – Whether it’s local filing with the Registrar, preparing financials for investors and banks, or group consolidation. We plan each audit in advance with your deadlines in mind and structure our work so that deliverables are never delayed. Our clients know they can rely on us to meet even the tightest schedules without compromising quality or our reputation.

When it comes to fees, we are fully transparent. Audit costs are based on the size and complexity of your company, the volume of transactions, and the quality of record-keeping. Because we operate efficiently and apply a focused risk-based approach, our pricing remains fair, competitive, and proportionate to the work required. There are no hidden extras, just clear, upfront fees agreed before we start.

In short, you can expect predictable timelines, reliable delivery, and fair pricing — an audit process you can plan around with confidence.

Value-Added Insights

We look beyond the numbers. Our audits and reviews highlight control weaknesses, inefficiencies, and improvement opportunities. Many clients use our recommendations as a roadmap for strengthening governance and operations.

Other Assurance Services

We also provide:

• Internal audits
• Due diligence and agreed-upon procedures
• Internal control reviews, design, and implementation

Why Choose Nikita & Partners for Your Audit Needs?

At Nikita & Partners, we deliver more than just an audit. Here’s why we are the right audit firm in Cyprus for your business:

1. Competitive cost
   We understand that cost is a key factor in your decision-making. That’s why we offer competitive pricing without compromising on quality. Our efficient approach and tailored processes allow us to maintain high standards in both our audits and deliverables without the inflated price tag. Furthermore, we ensure full compliance, helping you avoid potential accounting and tax exposures that could negatively impact your business.
2. Expertise and Reputation
   Our directors bring long-term, significant Big 4 experience, with an excellent reputation and exposure to major clients across a variety of industries. You’ll benefit from the same high level of expertise typically found in the largest firms, combined with our personalized approach. We also bring additional expertise in areas such as taxation, VAT, and business advisory services, giving you more than just an audit. We take the time to truly understand your business, ensuring that trust and communication flow smoothly from day one.
3. Director-Level Attention
   Unlike larger firms where your audit may be delegated to junior staff, our audits are handled at the director level. This ensures continuity throughout the process, avoids unnecessary back-and-forth and repeated questions. Direct communication with the audit partner involved means issues are addressed on the spot and your audit moves forward without delays. You receive the same top-tier standards as the Big 4, but with faster, more responsive service—high-quality results delivered efficiently and on time.
4. Timely Deliverables
   Every business operates on different timelines, and your audit partner should be able to meet your deadlines without compromising quality. At Nikita & Partners, we align with your scheduling needs, ensuring timely and clear deliverables. As a reliable audit firm in Cyprus, we not only meet deadlines but also provide prompt feedback, helping your business remain compliant and on track.

Request an Audit Quote

Whether you need a statutory audit, a review engagement, or other assurance services, our team at Nikita & Partners is ready to assist. Contact us today for a tailored proposal.